Gold News & Info

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold slipped 0.3% to close at a one-week low of $1,317 as last week's jobs data boosted the dollar and raised speculation the Fed may move up its timetable for increasing interest rates, curtailing demand for alternative stores of value.

The U.S. non-farm payrolls report released last Thursday showed 288,000 jobs were added to the U.S. economy in June, exceeding forecasts and lowering the unemployment rate to 6.1%. With monetary policy avowedly dedicated to improvements the labor markets, traders are speculating that the strong data may encourage the FOMC to lift rates from near zero a little earlier than expected, despite Fed Chair Janet Yellen's recent assurances that rates would likely remain unchanged until mid-2015.

U.S. equities pulled back on the rate speculation while the dollar edged up against most major rivals. A stronger dollar typically weighs on gold and other commodities denominated in the currency for international trade by making them more expensive to foreign traders.

The other precious metals were mixed. Silver and platinum dropped 0.6% and 0.8% while palladium added 0.8%.

At the Comex close: August gold slipped $3.60 to $1,317; September silver fell 12 cents to $21.01; October platinum dropped $12.10 to $1,495.60; and September palladium added $7.05, to $868.95 an ounce.